เครื่องมือวัดpressure will soon start reporting quarterly and annual financial and operational information in XBRL format to the Federal Energy Regulatory Commission (FERC). The XBRL format isn’t new for public companies which were submitting reports with XBRL tags to the Securities and Exchange Commission (SEC) for years, however the taxonomy for tagging FERC types will be different.
TIME TO EVALUATE YOUR OPTIONS
In many respects, the burden must be lighter for FERC filers than SEC filers. Both will rely on the XBRL 2.1 Specification (which defines the fundamental constructing blocks of XBRL implementation in enterprise reporting) and the Arelle open-source XBRL validation engine. And a “fact” in both reports is represented by a value (numeric or non-numeric), components, date, unit, and accuracy.
But, as we detail below, you’ll discover quite a number of variations with FERC’s XBRL necessities.
SIMPLIFIED ELEMENT SELECTION
Standard schedules permit for highly prescriptive tag assignments. That means no more tagging from scratch. For example, the Workiva solution for FERC reporting offers users with pre-tagged forms. These standardized pre-tagged types not only reduce preparation efforts significantly, additionally they minimize tagging inconsistencies—you can achieve greater information high quality with much less effort.
Also, you are not required to tag every quantity. Notes to monetary statements require block tags only. For instance, if disclosure notes are pasted into FERC Form 1 from the 10-K you file with the SEC, those could be tagged with a single text block for FERC. A bonus for users of the Workiva answer for SEC reporting and the Workiva solution for FERC reporting: You will be succesful of link info in your 10-K to your pre-tagged Form 1 for consistency and efficiency.
If no applicable XBRL idea is out there, the information is not to be tagged. However, if an applicable idea exists, FERC requires the knowledge to be tagged (both numeric and nonnumeric). Note that some required information may be reported inside footnotes for schedules.
Additionally, no extensions are allowed. Besides concepts, axes and members are additionally for use as offered. So, how do you report company-specific info, corresponding to officer names? In order to support reporting of company-specific data, FERC makes use of the typed dimension.
The bonus for Workiva users? Although FERC uses a unique technical specification, you will notice the Workiva FERC reporting answer presents the same feel and appear as axis/member application within the Workiva solution for SEC reporting.
NO OUTLINE MANAGEMENT OR CUSTOM DATES
For FERC reporting, no customized labels or label roles are wanted. Labels are auto-assigned by the official FERC renderer based mostly on type areas. Also, there aren’t any calculation to define. In fact, customized calculations usually are not permitted. Validation guidelines will deal with consistency checks.
Since FERC taxonomy assigns particular hypercube to every schedule, there is not a define structure to construct. For customers of Workiva for FERC reporting, that is mechanically managed by the Workiva platform.
Plus, reality ordering isn’t controlled by the define and is not required. FERC makes use of a numeric element “OrderNumber” to control sequencing of company-specific info. Users of the Workiva answer for FERC reporting can easily assign row numbers within the kind schedules as “OrderNumber” in the Workiva platform. Lastly, there are not any customized dates as you’re restricted to a small record of allowable values.
SUBMISSION OF DATA AS INSTANCE DOCUMENT ONLY
Going ahead, there is not a digital form to submit. Machine-readable knowledge is the important thing focus. Although not in iXBRL format, FERC’s official kind renderer will provide standardized viewing for the submitted XBRL knowledge.
SUPPORTS REQUEST FOR CONFIDENTIAL DATA
Since most submitting information to the SEC is public record, the SEC doesn’t supply this, but FERC does. Whether FERC will truly approve a request for confidential data is one other question! If you’ve an XBRL vendor for SEC reporting, ensure your vendor additionally supports FERC compliance, since the FERC taxonomy is not going to be the same because the SEC reporting taxonomy.
PREPARE FOR YOUR NEEDS
Whether you outsource XBRL tagging, select an XBRL software program vendor, or invest the time and money to build and maintain an in-house resolution for FERC compliance, understanding the similarities and differences between XBRL filings for FERC and for the SEC will be essential when evaluating your options.
FOR MORE INFORMATION
Percy Hung is director of structured data initiatives and Peter Larison is manager of structured data initiatives at Workiva. Workiva, Inc. is a world software-as-a-service company. It supplies a cloud-based connected and reporting compliance platform that enables the usage of related information and automation of reporting throughout finance, accounting, danger, and compliance. For extra data, visit www.workiva.com
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